Hardwick Industrial Estate is located just outside the centre of Kings Lynn, Norfolk. It covers 220 acres of already developed and operating industrial units. Businesses that call Hardwick industrial estate home range from small local businesses to large international firms, for example Mars Food, Pinguin Foods and Snap On Diagnostics all have manufacturing facilities on Hardwick industrial estate. This therefore represents strong demand for industrial units in Hardwick industrial estate and Kings Lynn in general.
The site is situated approximately 1.6 miles away from Kings Lynn port which handles around 400,000 tonnes of cargo every year. The site is also located only 40 miles from Norwich and 43 miles from Cambridge giving it a great central location to major cities in the East of England.
Kings Lynn is located close to a number of A roads that lead to other towns and cities including Norwich, Cambridge and Peterborough.
The exit strategy for this project to sell the units on the open market with the target demographic being local SME businesses. The profits generated from the sale of the units will then be used to repay equity investors their initial investment and targeted return of 72.77% which is also an annualised return as the project turnaround time is 12 months.
With all JaeVee development projects, the SPV (in its role as the client) enters into a JCT 2016 design & build construction contract whereby the responsibility in delivering the project rests with the Principal Contractor.
The Principal Contractor has agreed to a fixed total contract sum of £2,337,354 in delivering the project within the set time frame of 9 months.
As the Principal Contractor is holding the design and build contract, it will procure sub-contractor packages to assist in delivering the project. The SPV has the right to request copies of the JCT subcontractor contracts which will be taken care of by JaeVee's in-house project management team. This forms part of JaeVee's role as Employers Agent, overseeing the project from inception through to completion (the pre, during and post construction phases) assisting the property developer throughout.
As per UK Finance regulations, a structural warranty will be issued after the building regulations completion certificate of work. This will provide a 10 year structural warranty which is a mandatory UK Finance requirement for mortgage lenders to be able to lend. The cost of this is covered via the allocated professional fee fund.
The Property Developer will also be uploading monthly construction updates to the JaeVee system throughout the duration of the project thus allowing investors to see the progress in real time.
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